Bitmine Nears 5% Ethereum Goal, Tom Lee Teases Next Move

Bitmine Immersion Technologies' Chairman Tom Lee announced that his company is close to reaching its goal of owning 5% of all Ethereum (ETH), a milestone achieved years ahead of schedule.

'We're only 1.2 years into it, but I think we're pretty close to reaching that 5% target now,' Lee said in an interview on the Coinage podcast.

Bitmine reached this goal through a combination of purchasing and staking Ethereum, with the company holding 5,983,940 ETH as of the day before, representing about 4.9% of the total ETH supply.

The next step for Bitmine is unclear, but Lee hinted that it will balance support for the Ethereum ecosystem and maximizing shareholder value in its decision-making process.